Which of the Following Statements Is False

question 10

Multiple Choice

Which of the following statements is false?

• A)The typical B/AR/CR system assists in preparing internal and external reports, including GAAP-based financial statements.
• B)Separating the credit function from the sales function is often defended on the grounds that if they were not separated, credit might be extended to high-risk customers, simply to achieve sales targets.
• C)The two types of adjustments that commonly result from a periodic review of the aging details of customer account balances are a recurring entry for estimated bad debts and a bad debt write-off.
• D)Cash receipts events data are comprised of one or more invoice records.

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Definitions:

Tariffs

Taxes imposed on imported or, less commonly, exported goods to regulate trade and revenue.

Gold Standard

A monetary system where a country's currency or paper money has a value directly linked to gold, used historically to provide stability in currency value.

Box Office Draw

A measurement of the appeal or popularity of an entertainment event or figure, based on ticket sales revenue.

Shirley Temple

An American actress, singer, dancer, and diplomat who became a prominent child star in the 1930s.